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Market strength continues for Perth
Market strength continues for Perth 24 July 2024 Matthew Hughes Source: PIPA Adviser Magazine Author: Dr. Kevin Hoang Senior Economist, Head of Property Research, inSynergy Perth has emerged as one of the best-performing property markets in Australia, showing all the signs of a hot market. Prices have increased by 22% in the past 12 months and 60% over the past four years. Days on the market have reached a historic low of eight days, and the vacancy rate has dropped to 0.5%. Most notably, the market is moving so fast that almost all sales are advertised without a price guide, resulting in sale prices tens of thousands above the reserve. This is likely driven by a fear of missing out (FOMO) in a bid to capitalise on further price growth. The main drivers of the current surge are supply constraints, affordability, and a strong economy. In the last 12 months, new dwelling completions were 15,500, while the population increased by 94,000, resulting in severe under-supply conditions with six new arrivals per new dwelling built. If an average household size of 2.5 is used, then almost 20,000 dwellings are under-supplied in the city over the past 12 months. Under the current higher capita
Source: PIPA Adviser Magazine Author: Dr. Kevin Hoang Senior Economist, Head of Property Research, inSynergy… Read Article